Breaking the 8500 barrier for the first time, FTSE100 On Friday (January 17), the company’s shares reached an all-time high.

On the one hand, it seems a bit strange. UK economic growth figures continue to disappoint, with the economy remaining stable as of April 2024. In addition, inflation remains above the Bank of England’s target of 2%. Earlier this month, the yield on 30-year government bonds hit a 26-year high.

It seems that the situation is so bad that there is even speculation that the Chancellor will have to pass an emergency budget to deal with another black hole in the state’s finances.

It really does seem very gloomy there!

Yet Britain’s largest listed companies are now valued higher than ever before.

What’s going on?

In my opinion, this optimism reflects the global nature of the FTSE 100 index.

It is true that the British economy is not currently in the grip of “gangbusters”. However, it is estimated that 75% of the revenues of companies included in the index come from abroad.

This means that they are not dependent on one specific territory and are less influenced by one set of economic indicators.

However, those that are more country-oriented FTSE250 remains 15% below the all-time high reached in September 2021.

The best performance of the FTSE 100 over the past month illustrates this point.

He’s doing nicely

From December 17, 2024, shares in Airtel Africa (LSE:AAF) rose 17%. The secret to its recent success may be that the group has no revenue outside Africa. The threat of “Trump tariffs” will have no impact on the group.

As of September 30, 2024 (H1 25), it recorded 156.6 million customers in 14 countries, an augment of 6.1% compared to the previous year.

In the first half of 2025, revenues were higher by 19.9%. However, this was calculated using a constant exchange rate (fixed currency). Actual revenues were 9.7% lower, particularly due to the tender performance of the Nigerian naira.

Fluctuating exchange rates illustrate one of the difficulties of doing business in this part of the world. It is also a highly competitive sector and the necessary infrastructure can be pricey.

However, despite these threats, the company enjoys the interest of a enormous investor. On December 27, 2024, an entity closely related to one of the company’s non-executive directors, Shravin Bharti Mittal, purchased shares for ₹ 15.75 million. It now increases Indian Continental Investment’s stake to just under 16%.

And when it comes to the telecommunications industry, Africa seems to be the best place right now. In the first half of 2025 Vodafon – which derives 20% of its revenues from the continent – ​​recorded a 9.9% augment in service revenues in the region.

In the long term, economic growth in Africa is likely to outpace the rest of the world. And as incomes rise, consumers will likely have more to spend on things like cell phones.

Good news

As an owner of mainly FTSE 100 shares, I welcome the modern high. But I don’t get too carried away. I believe the companies included in the index that are most likely to do well over the next 12 months are those that are less dependent on the UK economy, such as Airtel Africa.

But while I believe the group is in a good position to benefit from expected growth on the continent, I already have a stake in Vodafone and don’t want more exposure to the sector.